After losses in the two previous sessions, natural gas futures flailed into Friday, losing ground early as forecasts pointed to weak weather-driven demand and supplies remained robust. But the prompt month bounced back in early afternoon trading after the latest Baker Hughes Co. (BKR) data showed natural gas-directed rigs dropped by 16 to 141.

At A Glance:

  • Production falls to 97 Bcf/d
  • Forecasts for mixed demand
  • NGI models draw of 41 Bcf

The June Nymex gas futures contract ultimately gained 7.6 cents day/day and settled at $2.266/MMBtu. It had climbed as much as 14 cents in afternoon trading. July rose 9.3 cents to $2.438.

Cash prices continued to tread lightly near seasonal lows as demand drivers eluded the physical market. NGI’s Spot Gas National Avg. slipped 3.5 cents on...